B. Riley Boosts Silicon Motion Technology (NASDAQ:SIMO) Price Target to $112.00

Silicon Motion Technology (NASDAQ:SIMO) had its price target increased by B. Riley from $109.00 to $112.00 in a report issued on Monday, Benzinga reports. The brokerage currently has a buy rating on the semiconductor producer’s stock.

Several other equities research analysts have also recently weighed in on the company. Wedbush reaffirmed an outperform rating and issued a $85.00 price target on shares of Silicon Motion Technology in a research note on Friday, May 3rd. Craig Hallum upped their price target on Silicon Motion Technology from $80.00 to $96.00 and gave the stock a buy rating in a research note on Monday, May 6th. StockNews.com raised Silicon Motion Technology from a hold rating to a buy rating in a report on Friday, May 3rd. Morgan Stanley raised Silicon Motion Technology from an equal weight rating to an overweight rating and boosted their target price for the stock from $59.00 to $88.00 in a report on Monday, May 6th. Finally, Needham & Company LLC boosted their target price on Silicon Motion Technology from $85.00 to $94.00 and gave the stock a buy rating in a report on Monday. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Silicon Motion Technology presently has an average rating of Buy and a consensus target price of $93.13.

Silicon Motion Technology Stock Up 1.0 %

Shares of SIMO stock opened at $80.57 on Monday. The stock has a market cap of $2.71 billion, a price-to-earnings ratio of 45.78, a PEG ratio of 0.78 and a beta of 0.86. The business’s fifty day moving average is $79.74 and its 200 day moving average is $73.26. Silicon Motion Technology has a twelve month low of $49.50 and a twelve month high of $95.33.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings results on Thursday, May 2nd. The semiconductor producer reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.07. The company had revenue of $189.31 million for the quarter, compared to analysts’ expectations of $180.23 million. Silicon Motion Technology had a return on equity of 7.78% and a net margin of 8.34%. Equities research analysts expect that Silicon Motion Technology will post 2.81 earnings per share for the current fiscal year.

Silicon Motion Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 23rd. Stockholders of record on Thursday, May 9th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date of this dividend was Wednesday, May 8th. Silicon Motion Technology’s payout ratio is currently 113.07%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SIMO. Parallel Advisors LLC lifted its holdings in shares of Silicon Motion Technology by 154.9% during the fourth quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock valued at $34,000 after purchasing an additional 333 shares in the last quarter. CVA Family Office LLC bought a new position in shares of Silicon Motion Technology during the fourth quarter valued at $65,000. Assetmark Inc. lifted its holdings in shares of Silicon Motion Technology by 34.5% during the fourth quarter. Assetmark Inc. now owns 1,332 shares of the semiconductor producer’s stock valued at $82,000 after purchasing an additional 342 shares in the last quarter. Barometer Capital Management Inc. bought a new position in shares of Silicon Motion Technology during the fourth quarter valued at $123,000. Finally, LRI Investments LLC bought a new position in shares of Silicon Motion Technology during the first quarter valued at $150,000. 78.02% of the stock is owned by institutional investors.

Silicon Motion Technology Company Profile

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices. The company offers controllers for computing-grade solid state drives (SSDs), which are used in PCs and other client devices; enterprise-grade SSDs used in data centers; eMMC and UFS mobile embedded storage for use in smartphones and IoT devices; flash memory cards and flash drives for use in expandable storage; and specialized SSDs that are used in industrial, commercial, and automotive applications.